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Q3 25 EPS
$0.37
BEAT +14.91%
Est. $0.32
Q3 25 Revenue
$384.2M
BEAT +13.84%
Est. $337.5M
vs S&P Since Q3 25
-7.0%
TRAILING MARKET
AAON +3.5% vs S&P +10.5%
Market Reaction
Did AAON Beat Earnings? Q3 2025 Results
AAON delivered a strong third-quarter beat in fiscal 2025, reporting revenue of $384.24 million, up 17.4% year-over-year and well ahead of the $337.53 million consensus estimate, while diluted EPS of $0.37 topped the $0.32 analyst expectation by 14.9… Read more AAON delivered a strong third-quarter beat in fiscal 2025, reporting revenue of $384.24 million, up 17.4% year-over-year and well ahead of the $337.53 million consensus estimate, while diluted EPS of $0.37 topped the $0.32 analyst expectation by 14.91%, easing concerns that had weighed on shares heading into the print. The standout driver was an explosive surge in data center cooling demand under the company's BASX brand, where BASX-branded sales climbed 95.8% year-over-year to $124.80 million, anchoring a record total backlog of $1.32 billion, up 103.8% from a year ago. Gross margin compressed to 27.8% from 34.9% a year prior, pressured by ERP implementation inefficiencies and unabsorbed costs at the new Memphis facility, though sequential improvement offered an encouraging signal. Management raised its full-year 2025 sales growth outlook to mid-teens from a prior low-teens forecast, narrowed gross margin guidance to 28.0%-28.5%, and expects operating cash flow to turn meaningfully positive in the fourth quarter as working capital unwinds.
Key Takeaways
- • BASX-branded sales rose 95.8% driven by liquid cooling equipment for data centers
- • Record total backlog of $1.32 billion up 103.8% year-over-year
- • National account bookings increased 96% in the quarter
- • Improved ERP system efficiency and increased production throughput
- • AAON-branded sales rose 28.1% sequentially reflecting production momentum
- • Longview facility reached 90% of production target in September and exceeded it in October
AAON YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
AAON Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our third quarter results demonstrate the enduring demand for our products and reflect continued share gains, margin improvement and steady progress toward our operational goals, with notable sequential improvement in several key areas. Most notably, we achieved significant gains in production throughput at our Longview, Texas, facility, reflecting continued progress implementing our new ERP system. Production of AAON-branded equipment at the Longview facility improved each month during the quarter, reaching 90% of target in September and exceeding that level in October. Operational gains at both facilities contributed to an 28.1% increase in AAON-branded equipment sales from the prior quarter.”
— Matt Tobolski, Q3 2025 Earnings Press Release
AAON Earnings Trends
AAON vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AAON EPS Trend
Earnings per share: estimate vs actual
AAON Revenue Trend
Quarterly revenue: estimate vs actual
AAON Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.29 | $0.48 | +63.27% | $496.9M | +29.55% |
| Q4 25 MISS FY | $0.46 | $0.39 | -15.22% | $424.2M | +13.40% |
| FY Full Year | $1.42 | $1.29 | -9.15% | $1.44B | +3.60% |
| Q3 25 BEAT | $0.32 | $0.37 | +14.91% | $384.2M | +13.84% |
| Q2 25 MISS | $0.33 | $0.22 | -32.52% | $311.6M | -7.60% |
| Q1 25 BEAT | $0.24 | $0.37 | +56.98% | $322.1M | +10.88% |